Best credit card for consolidating debt
You want to make sure that credit card consolidation can save you money and make payments more manageable.
When you're stuck in debt and managing various loans, it's overwhelming.
You'll need to provide your personal info and provide info about the credit cards you're consolidating.
Take note of the promotional period and what the new APR will be once the promotional rate is over.
You'll want to make payments on your current loans until the balance transfer comes through or until the personal loan pays off all of your current debts.
Then, it's time to conquer your balance transfer credit card or personal loan.
The primary benefit to debt consolidation is that after consolidating, you only have one payment to make each month instead of tracking down the information for a handful of lenders.
If you're able to pay off your debt within the promotional period at a 0% interest rate, you have the potential to save a lot of money on interest.The best strategy to pay back your loans is up you to, but some people have taken on side hustles to generate more money to put towards debt, made a point of paying more than the minimum on their monthly payments, used free websites and apps to keep track of their progress, and instituted the debt avalanche or debt snowball strategies.When all of your loans are paid off, it's time to pay down the new loan.Look at the APR, repayment term, monthly payment, promotional period and the terms and conditions.Reviewing these side-by-side can help you decide which option will be a better fit for you.